Barrick Gold Corporation (NYSE: GOLD / TSX: ABX) released its fourth-quarter and full-year 2025 financial and operating results after market close on February 5, 2026. The company delivered a standout quarter with attributable gold production of 871,000 ounces — up 5% from Q3 2025 — and posted record operating cash flow of US$2.73 billion and free cash flow of US$1.62 billion. Revenue for the quarter reached US$6.00 billion, while net earnings were US$2.41 billion (US$1.43 per share) and adjusted net earnings were US$1.75 billion (US$1.04 per share).
Full-year 2025 attributable gold production totaled 3.26 million ounces, in line with guidance, while copper production reached a record 220,000 tonnes. These results reflect the strength of Barrick’s tier-one asset portfolio in a high-gold-price environment, with spot gold averaging roughly US$4,700 per ounce in January 2026 and remaining elevated into February.
However, the 2026 outlook introduced a note of caution. Attributable gold production guidance was set at 2.9–3.25 million ounces, below 2025 levels due to planned mine sequencing and maintenance. All-in sustaining costs (AISC) guidance was also higher than 2025, reflecting industry-wide cost pressures. Management responded by announcing a new dividend policy targeting 50% of attributable free cash flow and preparations for an initial public offering of its North American gold assets targeted for late 2026.
This article provides a comprehensive, source-verified analysis of Barrick’s February 5, 2026 earnings release, the earnings call transcript, the full financial statements, and what the 2026 guidance means for barrick gold investors and the broader gold mining sector. All data is drawn directly from Barrick’s official disclosures and cross-verified with reputable financial platforms as of February 21, 2026.
Q4 2025 Results in Detail: Record Cash Flow Generation
Barrick’s Q4 2025 performance was the strongest of the year across key metrics:
Gold production: 871,000 ounces attributable (up 5% from Q3 2025), the highest quarterly output in 2025.
Copper production: 62,000 tonnes.
Revenue: US$6.00 billion (up 45% from Q3 2025).
Operating cash flow: US$2.73 billion.
Free cash flow: US$1.62 billion — a new quarterly record.
Net earnings: US$2.41 billion (US$1.43 per share), up 88% from Q3.
Adjusted net earnings: US$1.75 billion (US$1.04 per share), up 79% from Q3.
For the full year 2025:
Gold production: 3.26 million ounces (in line with guidance).
Copper production: 220,000 tonnes (record year).
Revenue: US$16.96 billion.
Operating cash flow: US$7.69 billion.
Free cash flow: US$3.87 billion.
Net earnings per share: US$2.93.
Adjusted net earnings per share: US$2.42.
These figures are taken directly from Barrick Gold’s official press release titled “Barrick Reports Full Year and Fourth Quarter 2025 Results,” the accompanying Management’s Discussion and Analysis (MD&A), and the consolidated financial statements filed on February 5, 2026, and available on SEDAR+ and the company’s investor website.
Cost performance remained competitive. Q4 gold all-in sustaining costs were US$1,581 per ounce, while full-year AISC was US$1,637 per ounce. Copper C1 cash costs were well controlled despite inflationary pressures across the industry.
2026 Guidance: Production, Costs, and Capital Allocation Strategy
On the February 5, 2026 earnings call, management provided the following full-year 2026 guidance (based on a gold price assumption of US$4,500/oz and copper price of US$5.50/lb):
Gold production: 2.90 – 3.25 million ounces attributable.
Copper production: 190,000 – 220,000 tonnes.
Gold cost guidance: Cost of sales US$1,870 – $2,070/oz; total cash costs US$1,330 – $1,470/oz; AISC US$1,760 – $1,950/oz.
Copper cost guidance: Cost of sales US$3.05 – $3.35/lb; C1 cash costs US$2.20 – $2.45/lb; AISC US$3.45 – $3.75/lb.
Total attributable capital expenditures: US$2.6 – $3.0 billion (including growth capital).
Management explained that 2026 production is expected to be weighted toward the second half of the year due to scheduled maintenance at several sites and the timing of ramp-ups at Goldrush (Nevada) and other projects. The lower production range reflects normal mine sequencing rather than any operational issues.
A key highlight from the barrick gold earnings call was the announcement of a new dividend policy targeting 50% of attributable free cash flow, including a 40% increase in the base quarterly dividend to 17.5 cents per share. The company also indicated it would not renew its annual share buyback program, shifting emphasis to the enhanced dividend framework.
CEO Mark Hill stated on the call: “We enter 2026 with momentum, flexibility, and a clear plan forward.” CFO Graham Shuttleworth highlighted the strength of the balance sheet, noting a net cash position of approximately US$2 billion at year-end 2025.
The full earnings call transcript is publicly available on Barrick’s investor relations website and third-party platforms such as Seeking Alpha and Motley Fool (both dated February 5, 2026).
Barrick Gold Quarterly Report and Annual Report Context
Barrick’s Q4 2025 quarterly report (MD&A and financial statements filed February 5, 2026) provides extensive detail on segment performance, reserve updates, and sustainability initiatives. The full-year 2025 annual report (expected in Q1 2026) will consolidate these results and provide further strategic context.
The company’s financial statements show a robust balance sheet with significant liquidity and a net cash position, enabling flexibility for growth, dividends, and share returns.
Barrick Gold Stock Forecast and Market Reaction
Following the February 5, 2026 release, barrick gold stock experienced initial volatility due to the lighter 2026 production guidance, but has remained supported by the record Q4 cash flow, strong balance sheet, and higher prevailing gold prices (spot near US$5,000/oz in February 2026).
As of February 21, 2026, analyst consensus for barrick gold stock forecast (aggregated from MarketBeat, Wall Street Zen, Yahoo Finance, and Bloomberg) shows an average 12-month price target of approximately US$51–$55, with a range from US$40 to US$77. The consensus rating is Hold to Moderate Buy, with several firms maintaining “Buy” ratings citing Barrick’s tier-one asset quality and leverage to gold prices.
Barrick gold stock outlook for 2026 is closely tied to gold prices. With AISC guidance in the US$1,760–$1,950/oz range, each US$100/oz increase in realized gold price above the guidance assumption adds substantial free cash flow. The planned IPO of a minority stake in North American gold assets (targeted for late 2026) is viewed as a potential catalyst for unlocking value.
Is Barrick Gold a Good Buy Right Now? Should You Buy Barrick Gold Stock?
Is Barrick Gold a good buy right now?
For long-term, gold-bullish investors with a 24–60 month horizon, Barrick remains a high-quality choice. The record Q4 2025 cash flow, strong balance sheet, enhanced dividend policy, and tier-one asset base provide a solid foundation. The 2026 production guidance is lighter than 2025, but this is largely due to normal mine sequencing rather than operational issues, and higher gold prices provide significant margin cushion.
Should you buy Barrick Gold stock?
It depends on your time horizon and conviction in gold prices. Barrick offers leveraged exposure to gold prices with lower geopolitical risk than many junior or mid-tier producers. The stock provides current cash returns through dividends and has the financial flexibility to fund growth and buybacks when appropriate. However, near-term traders may prefer to wait for a better entry if gold prices pull back or if the market continues to focus on the lighter 2026 guidance.
What is happening with Barrick Gold?
Barrick is executing well on its tier-one assets, generating record cash flow in a high-gold-price environment, and shifting capital allocation toward higher dividends while preparing an IPO of North American assets for late 2026. The company is in a strong financial position with net cash and a clear strategy for sustainable shareholder returns.
What is the future of Barrick Gold?
The long-term outlook is constructive. Barrick’s portfolio of tier-one assets, copper diversification, and disciplined capital allocation position it well for sustained performance in a structurally bullish gold market. The company’s focus on operational excellence, safety improvements, and value-accretive growth projects supports a positive multi-year trajectory for barrick gold investors.
Risks and Considerations for Barrick Gold Investors
Key risks include:
Gold and copper price volatility.
Operational challenges or higher-than-expected costs.
Geopolitical or permitting issues at international assets.
Execution risk on growth projects and the planned IPO.
Barrick’s strong financial position (net cash positive) provides a meaningful buffer against these risks.
This article is for informational and educational purposes only. It does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any offer. All investments, including barrick gold stock, involve significant risk of loss, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own thorough due diligence, review company filings on SEDAR+ and EDGAR, and consult licensed financial professionals before making any investment decisions. Market data, earnings figures, guidance, and analyst commentary cited are based on publicly available sources as of February 21, 2026 (including Barrick Gold’s official Q4 and Full Year 2025 Results Press Release, MD&A, Financial Statements, and Earnings Call Transcript dated February 5, 2026, Trading Economics, Bloomberg, Yahoo Finance, MarketBeat, and Seeking Alpha) and are subject to change. No representation or warranty is made as to the accuracy or completeness of the information.
Final Thoughts: A High-Quality Operator Positioned for Gold’s Structural Bull Market
Barrick Gold’s Q4 2025 earnings demonstrated the strength of its tier-one portfolio and operational execution, delivering record cash flow in a high-gold-price environment. While the 2026 production guidance was lighter than some hoped, the company’s financial flexibility, enhanced dividend policy, and long-term growth pipeline position it well for sustained performance.
For barrick gold investors, the 2026 outlook reflects a mature, high-quality operator focused on cash returns and disciplined growth. In a structurally supportive gold market, Barrick remains one of the premier ways to gain leveraged exposure with lower geopolitical risk than many peers.
Stay focused,
CanadianMiningReport.com
P.S. Successfully evaluating large-cap gold producers like Barrick alongside critical minerals opportunities requires independent, disciplined analysis. Rob Bruggeman and the team at TheWealthyMiner.com deliver exactly that — clear-eyed research on barrick gold stock, Canadian gold miners, critical minerals, and the broader resource sector. Visit today for educational resources and expert insights tailored to the 2026 mining landscape.
Key Sources (verified as of February 21, 2026):
Barrick Gold Corporation official “Barrick Reports Full Year and Fourth Quarter 2025 Results” press release, MD&A, Financial Statements, and Mine Statistics (February 5, 2026).
Barrick Gold Q4 2025 Earnings Call Transcript (February 5, 2026, available on Barrick investor site and Seeking Alpha/Motley Fool).
Trading Economics, Bloomberg, Yahoo Finance, MarketBeat, and Wall Street Zen consensus data (February 2026 updates).
All facts, figures, dates, production numbers, financial metrics, and guidance have been cross-verified against Barrick’s official disclosures and reputable financial data providers.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.